Paying too much for insurance

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You have a fender-bender and do $500 of damage to your car. Would you report it to your insurance company? If you answered “no” due to the justifiable fear of a rate hike, then let’s hope you don’t have a $250 deductible. If you do, you’re wasting money on higher premiums than necessary. Raising your deductible from $250 to $1,000 could save you 10 to 20%.